The demand function for indoor plant pots is given by the equation P=1600-4Q where P is the

Fantastic news! We've Found the answer you've been seeking!

Question:

The demand function for indoor plant pots is given by the equation P=1600-4Q where P is the price and Q is the quantity. The average cost of producing one indoor plant pot is AC=300/Q+20

(1)Write down the equations for total revenue and marginal revenue

(2)Write down the equations for total cost and marginal cost.

(3)Write down the equation for profit.

(4)How many indoor plant pots must be produced and sold to maximize total profit?

(5)Calculate the maximum profit.

Related Book For answer-question

Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

See More Books

Posted Date: May 26, 2020 08:46 PM

See More Questions

The demand function for a certain product is given by p= 500 + 1000 / q+1 Where p is the price and q is the number of units demanded. Find the average price as demand ranges from 49 to 99 units.
The demand function for a commodity is given by p = 2000 0.1x 0.01x2. Find the consumer surplus when the sales level is 100.
The demand function for bicycles in Holland has been estimated to be Q = 2,000 + 15Y 5.5P Where Y is income in thousands of euros, Q is the quantity demanded in units, and P is the price per unit....
Determine the degrees of freedom under the following conditions: (a) Tl-20 wt% Pb at 325 C and 400 C; (b) Tl-40 wt% Pb at 325 C and 400 C; (c) Tl-90 wt% Pb at 325 C and 400 C. Refer to the phase...
Explain the approach adopted by auditors of identifying accounts and related assertions at risk of material misstatement. How does this approach help reduce audit risk to an acceptably low level?
Use the diagram to determine if the statement is true or false. W Q R J NL M P X
Frame-up plc is considering a flotation on the Main Market of the London Stock Exchange. The managing director has asked you to produce a 1,000-word report explaining the advantages of such a move.
Refer to TMCs project selection problem presented in this chapter. In the solution shown in Figure, The probability of success for project 4 is only 0.3488. Thus, project 4 is almost twice as likely...
What is cost - volume - profit relationships? The Screen Protection shield for mobile phones from the company ZAGG explains why and how it is essential for management to understand cost - volume -...
Will the industry generate an attractive rate of profit over this period?
3. Hydrogen is used to reduce 1000 kg/h Fe2O3 to metallic iron according to the reaction Fe2O3 + 3H2 2Fe + 3HO The water is condensed and the unreacted hydrogen is recycled. Because the hydrogen in...
Identify the primary purposes of the General Standards Rule, the Compliance with Standards Rule, and the Accounting Principles Rule of the Rules of Conduct.
intro Fixed, Variable Classify the above costs into either fixed or variable costs. Find the total variable cost/unit. Monthly Fixed Costs R S M IT Total fixed costs 25000 10.000 2500 2000 sao...
In the four boxes below, draw a scatterplot that is a good representation of the correlation coefficient given in the box, then by eye add a regression line that you estimate to be an accurate for...
Which Investment related ratios are more useful in the analysis of food manufacturingcan you substitute different values for those ratios?
Please generally answer these questions below related to real estate investments!! What are optimal lease terms necessary or required? What are the primary risks and attributes of the investment in...
XYZ Bank told Bob to increase cash to $70,000 from 2016 to 2017. But cash increased from $16,566 in 2016 to just $33,411 in 2017, well short of $70,000. In this assignment, you will review six select...
Reconsider Prob. 1474. In order to drain the tank faster, a pump is installed near the tank exit as in Fig. P1475. Determine how much pump power input is necessary to establish an average water...
Clark and Lana take a 30-year home mortgage of $121,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month. (a) Find their regular...
Suppose a recent college graduate's first job allows her to deposit $100 at the end of each month in a savings plan that earns 9%, compounded monthly. This savings plan continues for 8 years before...
Suppose that the total cost function, in dollars, for the production of x units of a product is given by C(x) = 4000 + 55x + 0.1x2 Then the average cost of producing x items is (a) Find the...
A $\$ 200$ million bond issue of NDP Corp. (a liquid company) recently matured. The entire maturity value was paid from a bond sinking fund. What effect did this transaction have on the company's...
Does issuing bonds at a discount increase or decrease the issuing company's cost of borrowing? Explain.
As a result of issuing 20 -year bonds payable, Low-Cal Foods now has an interest coverage ratio of .75 to 1 . Should this ratio be of greater concern to short-term creditors or to stockholders?...

The demand function for indoor plant pots is given by the equation P=1600-4Q where P is the

Question:

Expert Answer:

1 Total Revenue TR AR Q 1600 4Q Q 1600Q 4Q2 Marginal Revenue MR dTRDQ 1600 8Q 2 Total Cost TC ... View the full answer

Mathematical Applications for the Management Life and Social Sciences

Students also viewed these finance questions